Legal Zoom has a wealth planning checklist that explains some of the best points of trusts, assets and beneficiaries. His site also has a wealth of resources to help you understand all aspects of estate planning, from types of wills, legal jargon, unusual aspects of the judicial condition (the legal process in which all property and property after death) and more.
In addition to the list of names that appear, it is a good general rule to have at least one alternate person to fill these positions. Circumstances may change and your sibling or friend may not be able to fulfill the agreed-upon duty: you want to make a backup in case it happens.
Step Two: Seek legal help
Approaching a lawyer to do estate planning can seem like a waste of time or money, especially if you are young and healthy. But this is where you should start the process. “Setting it up in advance is so much better because it gives you a chance to think … you have time to designate the best person for each job,” Hess says.
There are online options like Legal Zoom, Rocket Lawyer and NOLO that offer will services with the creation of state specific legal documents as well as various degrees of virtual legal advice to help in the process. But there are also many advantages to seeing a lawyer who specializes in wills and estates.
At the University of Tennessee, the Homer A. Jones, Jr. Clinic. Wills is headed by the university’s Law Department. It consists of law students with a faculty supervisor who is a licensed attorney and must approve all documents sent to clients. According to Hess, “they do all the work that a licensed lawyer would do to do estate planning. They write powers of attorney for health and financial management, they write living wills, they write wills and trusts. They do work tests and they do conservatories ”.
Clinics like UT are not anomalies; many universities have them. There are usually income guidelines, but services are free if the requirements are met. Most states also have legal aid companies where people can get free or reduced-cost assistance for estate planning from licensed attorneys if they cannot pay full fees.
Step Three: Choose the document storage solution
The old system of archiving everything in a box under the bed has had many upgrades in recent years. Websites where you can store and organize all health care guidelines, list of beneficiaries, power of attorneys, wills, trusts, deeds, etc., are just a click away from your loved ones. Facilitating this process is one of the best gifts you can give a person in distress.
Here are some encrypted document storage programs to ensure security and give you peace of mind.
This is a complete site that starts with a questionnaire to determine marital status, whether you have financial or health guidelines, and the situation with any minor. Once you’ve completed the inventory, Everplans provides specific instructions on what needs to be addressed first, as well as links to useful articles and resources to demystify the process. It is personalized and state specific; this is important as the laws of each state are different.
There is a free version that provides access to articles and resources, but if you want to upload and store documents, there is a $ 75 annual fee that includes a digital vault, access to designated deputies (loved ones to whom you provide links), and security. banking of all documents.
With data security breaches more common than ever, you may be reluctant to put account numbers and personal information on the web, even if it’s encrypted. The Torch does not ask for this kind of information. Instead, the site will guide you through setting up a profile, completing a checklist of important documents to help pinpoint what you might be missing, and creating notebooks based on considerations such as real estate, pets, and health care.